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Inside vs Outside Ownership: A Political Theory of the Firm

Müller, Holger M.; Wärneryd, Karl - Economics Institute for Research (SIR), … - 1999

If contracting within the firm is incomplete, managers will expend resources on trying to appropriate a share of the surplus that is generated. We show that outside ownership may alleviate the deadweight losses associated with such costly distributional conflict, even if all it does is add...

Persistent link: https://www.econbiz.de/10005190835

Institutional support of the firm: A theory of business registries

Arruñada, Benito - Department of Economics and Business, Universitat … - 2010

Registering originative business contracts allows entrepreneurs and creditors to choose, and courts to enforce market-friendly “contract” rules that protect innocent third parties when adjudicating disputes on subsequent contracts. This reduces information asymmetry for third parties, which...

Persistent link: https://www.econbiz.de/10008487242

Pollution and Property: Is Relevant Market Failure Theory?

Simandan, Radu - In: Theoretical and Applied Economics 7(502) (2006) 7(502), pp. 97-100

An externality exists whenever a transaction creates a cost or a benefit for a party not directly involved. Pollution …-classicals are concerned about efficiency and they propose some forms of government intervention in order to alleviate pollution …: taxes and tradable permits. Austrians seek to remove interpersonal conflict related to pollution and show that although …

Persistent link: https://www.econbiz.de/10005087786

Pollution Externalities: Social Cost and Strict Liability

Lewin, Peter - In: Cato Journal 2 (1982) 1, pp. 205-229

This paper critically considers the neoclassical social-cost approach to problems of pollution. This traditional …

Persistent link: https://www.econbiz.de/10010836708

Legal Issues in Pollution-Engendered Torts

Best, Robert K.; Collins, James I. - In: Cato Journal 2 (1982) 1, pp. 101-136

The end ofWorld War II marked the birth of the modern chemical industry. From that time synthetic rubbers, fibers, and complex organohalogens have been produced in large commercial quan- tities, such that each member of modern society is exposed to chemicals of exotic physiocheniical activity....

Persistent link: https://www.econbiz.de/10010661780

Can Water Pollution Policy Be Efficient?

Milliman, Jerome W. - In: Cato Journal 2 (1982) 1, pp. 165-204

In 1972 Congress established the Federal Water Pollution Control Act in which the Environmental Protection Agency was …

Persistent link: https://www.econbiz.de/10011141228

Pollution as Moral Coercion: Culture, Risk Perception, and Libertarian Values

Wildavsky, Aaron - In: Cato Journal 2 (1982) 1, pp. 305-333

What is pollution? According to Peter H. Aranson, â€œPublic policy regards as pollution any man-made or naturally … threaten human health or economic welfare Evidently, pollution is a bad and not a good thing. Alas, bad things happen all the …

Persistent link: https://www.econbiz.de/10011141238